ma loans: $8000 homebuyer tax credits being delayed: currently can NOT file - 01/14/10 11:43 AM
If you purchased your home AFTER November 6, 2009, your tax credit will be delayed.   WHY?  The IRS has NOT created a form for the new tax credits that now include "move-up" buyers.  PLUS, they have seen fraud.  Taxpayers have been claiming the credit without actually buying a property.  So, the new form will include requirement of proof of the home purchase, including submission of the HUD from the closing table, copy of a mortgage statement and a license or paystub or bank statement with their name and address on it.
 
The new form was supposed to be available January … (4 comments)

ma loans: The new GFE (Good Faith Estimate) IS HERE ! Take a look: - 01/06/10 01:54 PM
HERE it is!  The new GFE (Good Faith Estimate).  Is it better?  Does it show the costs clearer?
 
To see the new GFE, click on below:
 
http://www.hud.gov/content/releases/goodfaithestimate.pdf
 
The new Good Faith Estimate is three pages long.  Here is what you will see:
Dates: valid dates of the rate and terms of the loan and the rate lock. Summary: including term, rate, amount, whether it is adjustable, negatively amortizing, subject to a prepay penalty and so on. Escrow Account: explanation and information. Summary of Loan Charges:  itemized. Origination Charges: fees charged directly by the lender. Other Settlement Charges: third … (1 comments)

ma loans: Did your loan officer pass the required tests, if your state's deadline was Dec 31st? If not, they are unemployed today! - 01/01/10 10:53 AM
Received the first call today....a borrower wishing to buy a million dollar home who was using a loan officer for an approval and now effective today, this loan officer can no longer write a loan in Rhode Island because they did not pass the state and the national tests.    So, begins 2010.  One third of loan officers failed the test.  The impact will be felt in those states which required passing by December 31, 2009.
Those of us who did well on the tests will surely be busy in 2010.
 
I highly suggest everyone re-group to determine if you are … (1 comments)

ma loans: Do you have the GRACE to succeed in real estate? - 12/30/09 12:46 PM
"Courage is grace under pressure." Ernest Hemingway
 
Boy, do we have a lot of GRACE in the real estate industry!   Every day when you wake up, do you have the strength to get up and the courage to go after buyers/sellers?  Or do you wait for the business to come to you?
How pro-active are you?  Do you utilize all the tools available to become a better real estate professional?  Do you spend the time to educate yourself beyond the continuing education requirements?
Do you have the courage and the grace to succeed in this tough economy and real estate … (5 comments)

ma loans: THREE OUT OF TEN mortgage brokers FAILING the tests for loan origination - 12/28/09 12:58 PM
Three out of ten loan officers are FAILING the national and state tests.  So, now what?  The banks are NOT requiring testing, at least as of this point in time.  So, the failing loan officers are either 1) leaving the business 2) transferring over to banks.  That is correct: Banks do NOT require testing.  Just registration.
 
What is it about these tests that make 3 out 10 fail?  I offer the following:
•1)      75 is passing: which university in the world makes 75 a passing score?  Is this fair to the industry?  Or are the "powers to be" in the … (4 comments)

ma loans: WHATTTT???! A lender is NOT counting rental income anymore for purchases!!!! Say whatttt??? - 12/23/09 02:22 PM
Lending tightening is continuing!  I just had one bank notify us they are no longer counting rental income for investment properties for purchase & they will not count income for currently owned properties if the properties were recently purchased and they are not on the latest tax returns.
 
So, let's look at an example.  A client with 800 credit scores, $100,000 reserves and a DTI (debt to income) ratio of 40% wishes to purchase an investment property for $300,000 at 80% LTV (loan to value) and it cash flows $5500/month, which more than covers the expenses.  This client will NOT … (5 comments)

ma loans: Are you blogging for POINTS on Active Rain or ???? - 12/22/09 01:20 PM
Are there some Active Rain members who just want to collect points?
 
As I look around, I see some members who write about the same topic for about 7 -10 blogs and receive NO comments.  But, yet, they continue to write about the same topic.  Maybe they enjoy the topic and they are just having fun? Or maybe they wish to create a type of log for their thoughts? Or they just wish to fill the time?  Or they just wish to collect points by blogging?
 
I enjoy writing blogs that inspire and provide insight and maybe even empower … (8 comments)

ma loans: Attitude can give ALTITUDE ! - 12/19/09 11:36 AM
"Could we change our attitude, we should not only see life differently, but life itself would come to be different. Life would undergo a change of appearance because we ourselves had undergone a change of attitude." Katherine Mansfied (1888-1923), Writer
 
Attitude is everything!  Think positive; act positive and positive things will happen.  Think negative; act negative and negative things will happen.  We all have our bad days, especially at this stressful time in our industry.  But, if we all work TOGETHER and think POSITIVE, we can make this industry recover faster.
 
Attitude does give ALTITUDE!
 
Ann Sabbagh
 
(2 comments)

ma loans: STOP talking! - 12/16/09 02:36 PM
"The more you talk and think about it, the further astray you wander from the truth. Stop talking and thinking, and there is nothing you will not be able to know." Sengtsan (d 606 AD) The third Patriarch of Zen
 
Remember "gossip line" in school?  You would tell a story to the person next to you  and by the time the story went around the room, it was TOTALLY different. 
 
It also makes sense to do more listening to others than talking to others, so you can LEARN.   Knowledge, after all, is POWER and is necessary for success.
 
(3 comments)

ma loans: How to MAKE friends: Dale Carnegie had it right! - 12/16/09 02:23 PM
"You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you." Dale Carnegie (1888-1955), Author and Trainer
 
What this means to me:
 
In other words, do NOT:
•1)      Be a talker more than a listener
•2)      Be a taker more than a giver
•3)      Look in the mirror more than you look at others
•4)      Focus on making money 1st; client 2nd
•5)      ......Please ADD to the list!
 
 
Ann Sabbagh
 
Vice-President
Seacoast Mortgage Corporation
401-782-1012 or 508-243-1190
Residential … (7 comments)

ma loans: FED TO HIKE RATES - IN 2011 - 12/15/09 01:50 PM
"Fed will hike rates- in 2011" per Chris Isidore, senior writer December 15, 2009: 8:19 PM ET  CNNMoney.com
  
The BEST time to BUY a home OR refinance is sooner than later!   Low home prices, low rates, stimulus package from the government for 1st time homebuyers and move-up buyers.....what more can one ask for?
Full article:
http://money.cnn.com/2009/12/15/news/economy/fed_rates/index.htm
 
 
 
Ann Sabbagh
 
Vice-President
Seacoast Mortgage Corporation
401-782-1012 or 508-243-1190
Residential & Commercial Financing
MLO10920
 
 
"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."
(2 comments)

ma loans: Is it intelligence...strength...that makes one successful? - 12/13/09 07:17 AM
"Continuous effort - not strength or intelligence - is the key to unlocking our potential." Sir Winston Churchill (1874-1965) Former British Prime Minister.
 
NEVER say "Quit"!  By going to work every day and "pounding the pavement", you will succeed.  Winners do not quit, and quitters do not win....you know the adage, but do you LIVE it?
When you lose the sale, there is another one around the corner.  And when you complete the sale, there is another one around the corner, because happy clients bring on more clients.
So, unlock YOUR potential and keep your efforts going!
Have a GREAT … (3 comments)

ma loans: I know WHY buyers are SITTING ON THE SIDELINES! HELP! - 12/12/09 04:36 AM
"If you do not buy a house, you are either STUPID or BROKE".  Well, one more "OR" should be added: FEAR!
This blog from Michele Reneau, ABR, GRI, CRS, comments on the article in Business Week (link in blog below) :
 
http://activerain.com/blogsview/1378992/if-you-don-t-buy-a-house-now-you-re-stupid-or-broke
 
Who are the first time homebuyers?  Usually, young people who have never purchased a home, thus FIRST TIME homebuyers.  They are watching the news/or reading the news about "1 out of 10 Americans losing their homes".  With so much BAD PRESS coverage, of course they are AFRAID! 
 
So, BIG question is: How do we help them … (1 comments)

ma loans: Do you receive "gifts" for your referrals? Uh-oh! - 12/10/09 12:21 PM
Do you accept "gifts" from anyone you share business with?  Does an insurance agent or mortgage broker or realtor send you a gift card for each referral?  Does a mortgage lender/broker pay for your advertising?   Do you have a mortgage lender or an insurance agent or a title company (or anyone you share referrals with) renting space from you for greater than the market rent?  Do you provide a "referral fee" to anyone who provides business to you?

If you responded "YES" to any of these questions, you may very well be guilty of RESPA (Real Estate Settlement Procedures Act) … (4 comments)

ma loans: Monopoly anyone? Is sales in your blood? - 12/09/09 11:29 AM
If you get excited just with the thought of an idea, then you have sales in your BLOOD!
 
If you lay awake in bed thinking of new sales ideas, sales is in your BLOOD!
 
If you are constantly seeking new ways of generating business, sales is in your BLOOD!
 
If you enjoy people and despise sitting in your  office, sales is in your BLOOD!
 
If you are more of a listener than a talker, sales is in your BLOOD AND you are GREAT at it!
 
If you enjoy(ed) playing all those strategy games, i.e. Monopoly, well … (1 comments)

ma loans: Do you have a PEACEFUL THOUGHT to share with us on Active Rain? - 12/08/09 01:21 PM
"You are what you think. Think that you are a being of peace - and peace will become your personality. Share good news with others. Always have something interesting prepared to share with those you meet. Remember to have a peaceful thought at least once a day."
 
If you think you can't, you won't.  If you think you can, you will.  Easy, right?  But, yet, so hard.  Negative things happen to all of us.  The economy is terrible, but complaining all day will get us nowhere.  We need to "stand up and fight" as McCain said so often on the … (2 comments)

ma loans: Do you know your strengths? - 12/07/09 11:23 AM
"The more you appreciate your own qualities the stronger they will become."
 
Knowing your strengths will enhance your ability to succeed.  Focus on what you do well.  Your weaknesses will be diminished if you focus on what you know and/or do well.
 
For example, if you enjoy working with buyers and do not like to go on listing appointments and deal with sellers, then make yourself focus on the buyers.  Or vice-versa.  You do not need to be everywhere to be successful.  Lucky are those who can be everywhere and do it all well, but it is not necessary … (1 comments)

ma loans: Is the middle class eroding? What do you see happening? - 12/06/09 06:47 AM
Is the middle class eroding ?  I see either a lot  of money for a down payment or I see very little: 3.5% down.  Where are the 20% down borrowers?  Are they staying in their homes or ???
 
With all the foreclosures and high unemployment in this country, we were bound to see erosion of a class of people in regards to the financial arena. 
 
What is everyone else seeing in your county/state?
 
 
Ann Sabbagh
 
Vice-President
Seacoast Mortgage Corporation
401-782-1012 or 508-243-1190
Residential & Commercial Financing
MLO10920
 
 
"When you choose me as your mortgage … (2 comments)

ma loans: PASSION is the key to SUCCESS!! - 12/05/09 03:58 AM
"Man is so made that whenever anything FIRES his soul  - impossibilities VANISH." Jean de la Fontaine
 
Follow your PASSION in everything you do : be it work or play.  If you do not like your job, you will not be  as successful as you could be if you LOVED your job.
When you relax/play, choose an activity you REALLY want to do so you can successfully re-energize your batteries.
 
PASSION is the key to your success and to your happiness AND well=being.
 
Ann Sabbagh
 
Vice-President
Seacoast Mortgage Corporation
401-782-1012 or 508-243-1190
Residential & Commercial Financing
MLO10920
(2 comments)

ma loans: Never, NEVER give up!!!! - 12/05/09 02:54 AM
"You are not beaten, until you admit it." George S. Patton Jr.
 
Ok, so you lost the listing or you lost the loan application to a competing lender.  Maybe this happened to you more than once in a week, or, worse, more than once in a day!
Do you give up?  Do you admit defeat?  Or do you RE-GROUP like a field of soldiers and determine what you did wrong and ensure this does not happen again?
"Giving up" is NOT an optin when you are  passioante aabout what you do.  It should encite you to become BETTER and show … (6 comments)

 
Ann Sabbagh, President, Sr. Loan Officer (Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107)  & CT)

Ann Sabbagh

President, Sr. Loan Officer

Pawtucket, RI

More about me…

Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT

Address: 267 NEWPORT AVENUE, PAWTUCKET, RI, 02861

Office: 401-475-1600 x306

Mobile: 508-243-1190

Seacoast Mortgage: Your place for:RI loans, MA loans, CT loans, FL loans, commercial loans, residential loans, FHA, VA, USDA, 100% financing, FSBO (for sale by owner) assistance. Find a loan in RI, find a loan in MA, find a loan in CT,RI mortgages,CT mortgages,FL mortgages,MA mortgages. Do you qualify for a loan? At Seacoast Mortgage, we qualify you within your means. What you can afford is different than what you qualify for. Call us today!


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